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Introduction: The Evolution Of The Petroleum Industry by Neel Rao





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Introduction: The Evolution Of The Petroleum Industry by
Article Posted: 09/26/2020
Article Views: 95
Articles Written: 34
Word Count: 630
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Introduction: The Evolution Of The Petroleum Industry


 
Business
The Indian petroleum industry initiated its journey at a slow pace in the north-eastern part of the country, more specifically, Digboi in Assam. Over time, the industry has undergone several changes and has grown to a large extent. One of the major incidents which led to the development of the petroleum industry in India was the passing of the Industrial Policy Resolution in 1956. This change in policy greatly emphasized the need to promote the industries in India and helped them grow.

The industry underwent yet another significant change in 1991 when privatization and liberalization were adopted. The Indian government took up several joint ventures with private firms. In many cases, the government also allowed the industry to go into private hands. Naturally, this resulted in greater capital, thus boosting up the Indian petroleum industry considerably.

Once Bombay High, which is currently the largest source of petroleum in India was discovered, the Indian petroleum industry grew tremendously. Compared to the onshore oilfields which served as the main source until then, the offshore fields of Bombay High hold much larger oil reserves. Eventually, the production of petroleum, as well as petroleum products in India, increased, which was another major boost for the industry.

Lately, considerable growth has been witnessed in India’s foreign trade of petroleum products. Several products such as kerosene, naphtha, propane, petroleum gases, distilled crude oil, gas oil, etc. are exported for trade.

Some Statistics About The Indian Petroleum Industry Let us take a look at some of the statistical data about the Indian petroleum industry and its growth.

• In the year 2019, India emerged as the second-largest refiner of petroleum in Asia, with China holding the first place. • 14% of the Indian exports in 2019 consisted of petroleum products, making them account for the highest share. • During the period from 2018-2019, there was a 5% decrease in India’s import of petroleum products. This is clear evidence of the growth of the industry and India’s increasing self-sufficiency for petroleum. • However, the export of petroleum products too decreased by 8.8% at the same time. • The same period, i.e., 2018-2019 also witnessed a growth of 3.13% in India’s production of petroleum products. • The petroleum refinery capacity of India grew by about 90 million metric tonnes in 2017 and 2018 under the private sector. • The production of petroleum products in India was valued at a little below 260 million metric tonnes in 2019. Around 213 million metric tonnes were consumed in the same year. • Diesel accounted for the highest share (39.5%) in consumption from 2018 to 2019. This was followed by petrol with a consumption share of 13.3%, LPG with 11.7%, petroleum coke with 10.0%, Naphtha with 6.6%, and ATF with 3.9%.

Why Are Industrial Fans Necessary In The Petroleum Industry? Production of petroleum products involves several complex processes such as refining, pressurization, pelletization, plastic/chemical production, etc. These require the use of heavy-duty industrial fans. Such fans are also necessary for thermal oxidizers, flare stacks, fired heaters, boilers, pollution control systems, and more. Therefore, it is evident that industrial fans would be necessary for the petroleum industry.

Conclusion Currently, the Indian petroleum companies have great opportunities to grow and get more involved in the global markets. The constant improvement and innovation in technology are one of the prime factors driving the growth and globalization of the industry in India. This includes the introduction of more advanced machinery, including better industrial fans.

Reitz India manufacturer of PA fan has gained a trusted name in the fan industry for their exclusive production standards and merchandise quality. Reitz India primary air fan supply significant static pressure air which is ideal for balancing the pressure drops in the boiler applications of various power plant industries.

Related Articles - centrifugal fan, industrial fans,

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